The real estate sector, which is reeling under the problem of liquidity crisis, is hopeful that the new government would help the sector with better reforms. Developers and real estate consultants have urged the government to bring in reforms and do away with the problem of double taxation.
“We look forward to better policy reforms, which in turn will generate a higher GDP for the country. This will have positive impact on the real estate sector. We are also optimistic that the new government will address the NBFC crisis which will certainly give further boost to the market,” said Samir Jasuja, CEO, PropEquity Analytics.
Niranjan Hiranandani, national president, NAREDCO, said he expected that the new government would work for structural reforms and take steps to boost real estate business and strengthen consumer sentiment towards the real estate sector.
“We are hopeful that the government will redress and resolve the prolonged issue of liquidity crisis that the sector is facing currently. Moreover, rationalising the taxes by subsuming stamp duty under GST will grant a big relief to the home buyers,” he Mr. Hiranandani said.
Babulal Varma, managing director, Omkar Realtors, said that the government should bring in newer reforms and come out with policy for added transparency to get the sector back on fast track. “It should immediately take a re-look at the current GST structure for SRA and redevelopment vertical and look into this ‘double taxation’ issue, and make Mumbai slum-free faster.”
Navin Makhija, MD, The Wadhwa Group, said the government must focus on the ‘Housing for All by 2022’ vision. “More focus is needed on completion of ongoing infrastructural projects which will benefit the affordable housing clusters,” he said.
Sanjay Dutt, MD&CEO, Tata Realty & Infrastructure Ltd. and Tata Housing Development Company said, “With the stability in the government, we expect investments to increase and private equity will play a larger role. The government is aware of the sector’s challenges and we expect some immediate relief and announcements.”
According to Farshid Cooper, MD, Spenta Corporation, the policies introduced in the previous term such as GST and RERA, should be implemented smoothly in this term. “We hope that the new government puts the economy at the forefront and continues to carry out reform in the realty sector by creating jobs and augmenting growth.”
